Over the past weeks, there has been myriad of “if” scenarios cited that could potentially trigger long-term volatility to re-emerge. To-date, macro events including the Brexit vote, a surprise Trump victory in the U.S. presidential election and a consensus belief of an all but certain rise in interest rates have all failed to cause anything more than a short reflex reaction of volatility. Since the U.S. presidential election on November 8th, the market has made some extraordinary historic moves:

Dow Jones Index surpassed the 19,000 mark for the first time ever

Dow Jones Index has 13 record closes since election day

CBOE Volatility Index (VIX) dropped to its lowest level in two months on December 5th

S&P 500 Index has had 5 record high closes since election day

Nasdaq hit an intraday all-time high on December 8th

Russell 2000 Index hit an intraday all-time high on December 8th

Despite these milestones, many financial experts warn that the newly dubbed “Trump Rally” lacks fundamentals and is based merely on speculation that the new administration will be more favorable toward businesses. So as the year winds down, and New Year’s celebration plans are made, volatility could very well crash the party.

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